New research shows that a decline in EU nationals living in the UK after Brexit could lead to the loss of nearly 120,000 jobs in London.
Contrary to an argument put forward by many Brexit supporters over the years, the study found that EU migrants actually generate more jobs than they take in the long run.
Research carried out by academics at the University of Sheffield and the University of Cambridge shows that an increased number of EU citizens living in the UK capital has led to an increase in overall employment.
Yet the study shows that just a 1 per cent drop in the number of Europeans in each London ward after Brexit would lead to around 117,410 job losses across the capital.
There would be significant job losses, with around 500 jobs cut in the financial district of Canary Wharf and more than 200 of the city’s 760 wards losing at least 130 jobs, according to the research.
At the same time, the study shows a 1 per cent increase in the number of European residents would cause the level of employment in London to rise by 0.28 per cent.
The study found that EU citizens living in London spend their earnings in the local economy, set up new businesses, contribute to innovation, fill jobs UK workers are unable or reluctant to accept and help to build overseas trade links.
Gwilym Pryce, professor of urban economics and social statistics at the University of Sheffield, who led the study, said it was “striking” to see the positive impact EU citizens had on employment levels in London.
However, she also stated that it was possible the local impacts “vary considerably” around the country.
Article published 31st January 2020